Startups from Cambridge had their second-best year on record for venture capital investment in 2024, pulling in $2.3bn (£1.7bn), according to new analysis.
Research from data platform Dealroom in association with Founders at the University of Cambridge found that startups in the city raised almost double the investment from the year prior’s $1.2bn (£893m), despite a wider macroeconomic slowdown.
According to the research, Cambridge’s performance last year bucks the wider trend among major European cities.
Investment raised in London fell by 12% to $11.3bn (£8.4bn), Berlin was down 7.25% and Stockholm startups saw 57% less funding than the previous year.
The success in Cambridge also makes it the top global city for the amount of seed companies that mature to Series A, beating London, Oxford and even San Francisco, with 41% of Cambridge-based tech firms reaching the milestone.
“It’s inspiring to see Cambridge not just weathering global uncertainty but accelerating through it,” said Gerard Grech, managing director of Founders at the University of Cambridge and founder of Tech Nation.
“But we can’t stop here. To get more venture scientists to breakout stage, we need to back them with the right support — from mentoring and business development to funding.”
Tech firms from the area have continued to pull in funding in 2025, such as Cambridge GaN Devices, which raised £25m in February and CMR Surgical, a medical robotics company that secured over £150m in April.
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